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is shipped to china. what do they want with a vineyard in napa valley? >> there's a big demand for luxury goods. rather than buying chinese-made products and sending our money l they're buying american made products and sending their money back over here. >> reporter: and the jobs stay here. >> yes. >> reporter: chinese firms flush with cash have invested $16.4 billion in the u.s. in the past decade. $1.3billion in california companies. $560million in just the past year. the chinese are boosting the golden states housing recovery. they bought one out it have every ten homes sold in the past year. >> compare to high end housing like in beijing, this is not that expensive. >> reporter: a student at the university of southern california. his parents bought him this yearly $1 million condo. they thought renting a dorm room was a waste of money. >> my parents decide to buy me a house as a investment outside china. >> reporter: jim jacobson has sold 22% of the residents to affluent chinese. >> they don't have a place to put their money. they look at their own economy as a place where it's not v
could destroy the legacy of a napa valley vineyard. >> reporter: when his great grandfather started farming her in the late 1800s... >> they farmed orchard fruit and cattle. >> reporter: but much of the land he grew up on is gone, sold, to pay estate taxes after his grandfather's death. >> had to sell all of it. >> estate taxes? >> yes. >> reporter: his grandfather died in 1972 when estate taxes were at an all-time high, 77%. >> it was a big tax bill. it was, you know, half a million dollars. we sold off 150 acres. it gave us something to pay the tax with. >> reporter: now, jeff and his wife marry worry their dream of passing the land on to their two daughters will be ruined by the fiscal cliff. the estate tax rate would rise from 35 to 55% on estates worth over $1 million. at today's prices in the napa valley, the land could easily be worth $8 million. >> you're wealthy, but it's all in the dirt. we're dirt rich, cash poor. >> reporter: for the paiges, more than money is at stake. they want the land which is part of their family's past to also be part of their future. >> you can ke
to be chilly, likely the heater will turn over a couple times tonight. fremont, 38. tomorrow morning in napa, 36. san francisco and oakland, low to mid 40's. here's the setup in the atmosphere. we still have a light to moderate on shore flow. high pressure building in tonight. building in tomorrow. keeping us dry, but not for long, just for tomorrow and the first half of friday, before the next low pressure area moves in. but this one doesn't have as much moisture in it as the past couple. even though we're still going to get a pretty direct hit from it, we're only going to see light to moderate rainfall. so flooding concerns, i don't see it. but landslide concerns can be an issue, when you get the accumulating rainfall over time, which we have had. rain-free tomorrow and for the first half of friday. then we get on-and-off rainfall friday night into saturday. then the rest of your week looking pretty dry. a great weekend to go hit the slopes. lots of snow. what a difference from last year to this year. tomorrow the difference will be we'll be dry for most of the day. palo alto, 54. san mate
Search Results 0 to 2 of about 3